The meteoric rise of the Hanergy to the top of the market had already prompted questions among market watchers before a source revealed to Reuters that the Hong Kong watchdog was investigating Hanergy.

Questions over the company’s stock market value have mounted since it emerged that 60 per cent of its sales came from its parent company, Hanergy holding group, which Mr Li chairman is also of.

Hanergy has so far not commented on the loss and its shares remain suspended from trading in Hong Kong.